# bridge exploit — X 热门讨论 (2026-09-28 12:00 UTC)

## @KongBTC (Kong Trading 🦍) · 09-28 10:00 · ♥26 ↻0 💬31 $292M exploit and now the fight is heading to court

KelpDAO is suing LayerZero, claiming it reviewed and endorsed the 1-of-1 DVN setup used by the exploited bridge without properly warning about the security risk

LayerZero co-founder Bryan Pellegrino says the claim is meritless

this one could get messy https://x.com/KongBTC/status/2104511435166371991

## @0xchainink (Chain INK) · 09-28 11:43 · ♥28 ↻9 💬4 $HBAR : Review 📜

What if Google, IBM, Boeing, and FedEx ran the nodes, Deutsche Bank and State Street could stake on it tomorrow, and IBM was already selling software built on it?

Meet Hedera, a public ledger that abandoned blocks entirely for a directed acyclic graph, governed by a rotating council of Fortune 500 companies.

Eight years of fork-free operation, over 10 million accounts, and three-second finality at a hundredth of a cent. The institutional case is the strongest in crypto. The token is the puzzle.

Let's explore the widest gap between corporate adoption and token value in the series. 👇

⚪ Hedera at a Glance

Marketplace Insight: Hedera holds institutional credentials almost nothing else in crypto can match, from a Governing Council of Google, IBM, Boeing, Deutsche Telekom, FedEx, and McLaren to digital commodity classification and a live spot ETF. September added two things that matter more than another partnership announcement. CLPR, its bridgeless cross-ledger protocol, was contributed to Linux Foundation Decentralized Trust rather than kept proprietary, the same route Hedera took with Project Hiero.

And IDTrust became the first commercial Hedera enterprise application purchasable on IBM Cloud Catalog. The clean contrast is that none of this reaches the token. Network fees flow to node operators and the Council treasury rather than to holders, and HBAR trades below its 2018 ICO price.

⚪ Mission

Hedera exists to make distributed ledger technology usable by institutions that cannot accept the tradeoffs of public blockchains. The founding argument is that enterprises need predictable costs, fast finality, regulatory clarity, and governance that does not allow a contentious fork to split the network they built on. Hashgraph answers the performance half by abandoning blocks, ordering transactions through gossip and virtual voting so nothing is discarded. The Governing Council answers the governance half, trading permissionless validation for accountable, term-limited stewardship by named enterprises.

🔵 A Brief History

Hedera traces to a single technical invention. Dr. Leemon Baird, a cryptographer and former senior research scientist at the Academy Center for Cyberspace Research, developed hashgraph consensus as a genuinely different answer to distributed agreement, eliminating blocks in favour of a directed acyclic graph where nodes gossip about what they have gossiped and reach agreement through virtual voting. With Mance Harmon, a technology executive with two decades in IT security, he founded Swirlds and then Hedera in 2018, raising through an ICO priced at $0.12 per HBAR.

Mainnet launched in August 2018 and opened publicly in 2019. The governance model was the deliberate differentiator from the start. Rather than anonymous validators, Hedera recruited a Governing Council of major enterprises to operate consensus nodes, each holding equal voting power on term-limited seats. Google, IBM, Deutsche Telekom, Boeing, Dell, Ubisoft, Accenture, and LG joined over time, with IBM on the Council since 2019.

In May 2022, Baird and Harmon transitioned to Swirlds Labs, continuing to build for the ecosystem while the Council governed the network itself. HBAR peaked at $0.5059 in September 2021 and has declined through subsequent cycles.

The credentials kept arriving even as the price fell. Through 2025 the network handled over $10 billion in settlements, led all networks in real-world asset development, and saw Canary Capital launch a spot ETF making HBAR the third crypto asset to achieve one. On 17 March 2026, the SEC and CFTC named HBAR among sixteen digital commodities alongside Bitcoin, Ethereum, Solana, and XRP. FedEx joined the Council in February, Repsol followed for digital identity, and HashSphere reached eight of the ten largest US property insurers.

August and September 2026 were about protocol work and enterprise distribution rather than headlines. Mainnet stepped to v0.76.3 on 29 August with node performance work aimed at block streaming, and v0.77.2 is scheduled for 29 September, with block streams replacing record streams as the default output format from October and mirror-node operators migrating through the autumn. Taurus completed an eighteen-month integration on 5 August giving the 40-plus banks on its FINMA-supervised platform, including Deutsche Bank, State Street, and CACEIS, access to HBAR custody, staking, Hedera Token Service issuance, node operation, and EVM contracts in one stack. Hashgraph joined Mastercard's Crypto Partner Program.

WISeKey came on as a Strategic Partner on cybersecurity and digital identity, SpaceDev as a Community Partner in Latin America, and Hedera joined the UK government-backed Wholesale Digital Markets Taskforce on tokenized repo. On 22 September at HederaCon, Hashgraph unveiled CLPR, a bridgeless cross-ledger protocol where ledgers verify each other through cryptographic state proofs rather than wrapped tokens or third-party bridge validators, and two days later contributed it to Linux Foundation Decentralized Trust as a new lab, opening a Cross-Ledger Early Adopter Program covering cross-border payments, cross-ledger settlement, and collateral mobility.

On 23 September, IDTrust, The Hashgraph Group's Hedera-anchored identity product for people, devices, and AI agents, was listed on IBM Cloud Catalog as the first commercial Hedera enterprise application on a major cloud marketplace. The network passed 10 million accounts created around 10 September, and the month's counterweight came on 7 August when Grayscale voluntarily withdrew its HBAR ETF registration, leaving Canary's product as the live vehicle.

🔵 Ecosystem Narrative

The organizing idea is that enterprises will adopt distributed ledgers only if the economics and the governance are predictable.

➛ Hashgraph consensus. Blocks are eliminated entirely in favour of a DAG where nodes gossip about gossip and reach agreement through virtual voting, so no transaction branch is discarded and consensus is asynchronous Byzantine fault tolerant, the strongest theoretical security guarantee available.

➛ CLPR and open bridgeless interoperability. A cross-ledger protocol where ledgers verify each other through cryptographic state proofs with no bridge validators or wrapped tokens, contributed to Linux Foundation Decentralized Trust in September rather than held proprietary, with an early adopter programme targeting cross-border payments, settlement, and collateral mobility.

➛ Full-stack bank access through Taurus. An eighteen-month integration means the 40-plus institutions on Taurus, including Deutsche Bank, State Street, and CACEIS, can use HBAR custody, staking, native token issuance, node access, and EVM contracts on one FINMA-supervised platform.

➛ Agent identity on IBM Cloud. IDTrust, Hedera-anchored self-sovereign identity for people, devices, and AI agents under a Know Your Agent framing, now purchasable on IBM Cloud Catalog, with The Hashgraph Group holding IBM Silver Partner status and an Embedded Solution Agreement.

➛ Fair ordering and MEV resistance. Transactions are timestamped by the median time nodes first observe them, and fees are fixed rather than auctioned, which structurally eliminates the reordering and fee-bidding that enable MEV extraction elsewhere.

➛ Predictable economics. Fees denominated in US dollars starting at $0.0001 and paid in HBAR, so builders can forecast costs regardless of token volatility, with energy consumption around 0.00017 kWh per transaction and certified carbon-negative operation.

⚪ Token Utilities

$HBAR powers the network, with value accrual to holders the open question.

➛ Network fees: pays for transactions, consensus service, token service, file storage, and smart contracts, denominated in USD and settled in HBAR.

➛ Staking: secures the ledger through proof-of-stake weighting, with rewards up to roughly 6.5% annually, now accessible to institutions through Taurus.

➛ Node compensation: fees flow to node operators and the Council treasury, which is the mechanism holders do not participate in directly.

➛ Native services: functions as the unit of account for Hedera's consensus, token, and file services across enterprise deployments.

⚪ Key Features

➛ Hashgraph consensus with mathematically proven asynchronous Byzantine fault tolerance.

➛ Three to five second finality with fixed USD-denominated fees from $0.0001.

➛ Eight years of continuous operation without a fork or protocol exploit.

➛ Governance by 31-plus Fortune 500 enterprises with equal votes and term limits.

➛ Structural MEV resistance through fair ordering and fixed fees.

➛ CLPR bridgeless interoperability, open-sourced under Linux Foundation Decentralized Trust.

🔵 Meet the Team

Hedera's structure separates invention, development, and governance more cleanly than almost any network, which is both its strength and the source of the decentralization debate.

▶️ Core Members:

➛ Dr. Leemon Baird - Co-Founder and Chief Scientist | The inventor of hashgraph consensus and the intellectual origin of the entire network. An award-winning cryptographer with over a decade in computer science and security roles including senior research scientist at the Academy Center for Cyberspace Research, he co-founded Swirlds, designed the aBFT proofs underpinning Hedera's security claims, and co-authors current protocol work including the CLPR interoperability design.

➛ Mance Harmon - Co-Founder and CEO | A technology executive with roughly two decades in leadership roles largely across IT security, he co-founded Swirlds alongside Baird and shaped Hedera's governance model and enterprise-first direction, which is arguably as consequential as the technical design.

➛ The Hedera Governing Council | The load-bearing governance entity. Thirty-one-plus enterprises operate the consensus nodes and vote on network upgrades with equal weight and term-limited seats, and total supply cannot be modified without unanimous consent under the network's operating agreement. No single member can control or fork the network, though the model trades permissionless validation for corporate stewardship.

➛ Swirlds Labs and The Hashgraph Group | The development entities. Baird and Harmon transitioned to Swirlds Labs in May 2022, continuing to build for the ecosystem while the Council governs the network, and The Hashgraph Group drives institutional integrations including the Taurus build, the Mastercard programme, and the IDTrust product now listed on IBM Cloud.

🔵 Ratings

➛ Use Case: ★★★★⯪ (4.5/5). Hedera's institutional traction is the most verifiable of any network in this series. Digital commodity classification from the SEC and CFTC, a live US spot ETF, and a Governing Council operating consensus nodes that includes Google, IBM, Boeing, Deutsche Telekom, and FedEx. Taurus gives 40-plus banks including Deutsche Bank and State Street full-stack access on a FINMA-supervised platform, HashSphere runs at eight of the ten largest US property insurers, and IDTrust is now purchasable on IBM Cloud Catalog. CLPR going open-source under Linux Foundation Decentralized Trust extends the interoperability thesis beyond Hedera itself. The 0.5-point deduction is that average throughput runs far below the headline capacity, the DeFi and developer ecosystem stays modest against the enterprise narrative, and 10 million accounts created is not 10 million users.

➛ Tokenomics: ★★★★ (4/5). The supply structure is among the most disciplined in crypto. All 50 billion HBAR were pre-minted at genesis with no inflation mechanism of any kind, total supply cannot be altered without unanimous consent of every Council member under the network's operating agreement, and roughly 87% is already circulating, so future dilution is minimal and fully scheduled. Fees denominated in US dollars give builders predictable costs regardless of token volatility, and staking returns up to roughly 6.5% are now accessible to institutions through Taurus. The 1-point deduction is value accrual. Network fees flow to node operators and the Council treasury rather than to holders, who receive no dividends or fee distributions, so the network can process billions in settlement volume without that translating mechanically into token value.

➛ Audits: ★★★★ (4/5). Hedera holds a verified CertiK Skynet Score of 86.08, grade A, with nine passed security checks and no unresolved alerts, among the cleanest security profiles in this series. Hashgraph consensus carries mathematically proven asynchronous Byzantine fault tolerance, the strongest theoretical guarantee available, and the network has run eight consecutive years without a fork, halt, or protocol-level exploit across a disciplined upgrade cadence. Fortune 500 enterprises operating the consensus nodes implies diligence beyond a standard audit, and Taurus completing an eighteen-month integration for FINMA-supervised banks is institutional-grade review in practice. Contributing CLPR to Linux Foundation Decentralized Trust rather than shipping it proprietary subjects the new interoperability surface to external scrutiny before production, which is the right sequence. The 1-point deduction is that an A grade sits a band below the AA scores that earn 4.5, and CLPR remains early-stage with its own authors flagging unresolved verifier-compromise risks.

➛ Community: ★★★★ (4/5). Hedera has one of the more durable retail communities in crypto, having held through an 85% drawdown and years of the price disconnecting from the adoption story, alongside a genuinely institutional constituency in the Council. Developer programming is visible and funded, with x402 bounties for agentic-finance builds, $15,000 behind ETHOnline tracks, Scaffold-HBAR shipping one-command dApp bootstrapping with a $10,000 template bounty, and Hashgraph Online drafting HCS-19 and HCS-14 standards for AI agent privacy logs and W3C DID-based agent identity. The network passed 10 million accounts created in September. The 1-point deduction is that account creation is not active usage, with live dashboards showing a far smaller engaged set, retail engagement skews toward advocacy rather than protocol usage, and long-running frustration over the token's performance relative to the fundamentals persists.

🔵 Conclusion

Hedera has won the argument it set out to win. A Governing Council of Google, IBM, Boeing, Deutsche Telekom, and FedEx operates its consensus nodes. US regulators classified HBAR a digital commodity alongside Bitcoin and Ethereum. It holds a live spot ETF. Banks on Taurus can custody, stake, and tokenize on Hedera without building anything themselves, IDTrust is purchasable on IBM Cloud, and CLPR is now open infrastructure under the Linux Foundation rather than a proprietary proposal.

Eight years of operation without a single fork, ten million accounts, and a consensus design that eliminates MEV by construction. The risks are real and unusually specific. Network fees flow to node operators and the Council treasury rather than to holders, so adoption does not mechanically translate into token value, which is the structural problem behind everything else.

Ten million accounts created is not ten million users, and live activity sits well below that figure. Grayscale withdrew its competing ETF filing in August, and CLPR remains early-stage rather than a production rail. After seven years of building exactly the enterprise adoption it promised, HBAR trades below its 2018 ICO price. But the bull case is genuinely distinctive.

If institutions do move settlement, tokenization, and identity onto distributed ledgers, Hedera has already won the governance, regulatory, and performance arguments that matter to them, Taurus has removed the last integration excuse for forty of the world's banks, and IBM is now selling Hedera-anchored identity through its own cloud catalogue. Hedera spent eight years proving enterprises would use a public ledger.

What it has never resolved is why anyone should own the token while they do. https://x.com/0xchainink/status/2104537390245372068